Upcoming Dividend • Apr 01
Upcoming dividend of Col$1,733 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 14 April 2026. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 9.4%. Lower than top quartile of Colombian dividend payers (10%). Higher than average of industry peers (3.0%). Announcement • Mar 03
Bolsa de Valores de Colombia S.A., Annual General Meeting, Mar 27, 2026 Bolsa de Valores de Colombia S.A., Annual General Meeting, Mar 27, 2026, at 08:00 SA Pacific Standard Time. Location: at carrera 7 71 21 tower b, 4th floor, bogota Colombia Declared Dividend • Mar 02
Dividend of Col$1,733 announced Shareholders will receive a dividend of Col$1,733. Ex-date: 8th April 2026 Payment date: 14th April 2026 Dividend yield will be 10%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) nor is it covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.8% to bring the payout ratio under control, which is less than the 11% EPS growth achieved over the last 5 years. Announcement • Feb 27
Bolsa de Valores de Colombia S.A. announces Annual dividend, payable on April 14, 2026 Bolsa de Valores de Colombia S.A. announced Annual dividend of COP 1733.4190 per share payable on April 14, 2026, ex-date on April 08, 2026 and record date on April 07, 2026. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: Col$477 (vs Col$388 in 3Q 2024) Third quarter 2025 results: EPS: Col$477 (up from Col$388 in 3Q 2024). Revenue: Col$97.3b (up 12% from 3Q 2024). Net income: Col$28.9b (up 23% from 3Q 2024). Profit margin: 30% (up from 27% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Sep 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. Non Independent Director Carlos Rodríguez López was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: Col$405 (vs Col$436 in 2Q 2024) Second quarter 2025 results: EPS: Col$405 (down from Col$436 in 2Q 2024). Revenue: Col$91.5b (flat on 2Q 2024). Net income: Col$24.5b (down 7.1% from 2Q 2024). Profit margin: 27% (down from 29% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • May 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Colombian stocks, typically moving 5.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (5.9% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 115% New Risk • Apr 29
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 115% Dividend yield: 13% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 115% Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Col$12,860, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 10x in the Capital Markets industry in South America. Total returns to shareholders of 90% over the past three years. New Risk • Apr 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Colombian stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change). Upcoming Dividend • Apr 04
Upcoming dividend of Col$1,641 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 21 April 2025. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 6.9%. Lower than top quartile of Colombian dividend payers (10%). Higher than average of industry peers (3.8%). Announcement • Apr 02
Bolsa de Valores de Colombia S.A. announces Annual dividend, payable on April 21, 2025 Bolsa de Valores de Colombia S.A. announced Annual dividend of COP 1641.3150 per share payable on April 21, 2025, ex-date on April 11, 2025 and record date on April 10, 2025. Announcement • Mar 04
Bolsa de Valores de Colombia S.A., Annual General Meeting, Mar 28, 2025 Bolsa de Valores de Colombia S.A., Annual General Meeting, Mar 28, 2025, at 08:00 SA Pacific Standard Time. Location: at carrera 7 71 21 tower b, 4th floor in, bogot Colombia Board Change • Dec 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. Non Independent Director Carlos Rodríguez López was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. Non Independent Director Carlos Rodríguez López was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: Col$388 (vs Col$228 in 3Q 2023) Third quarter 2024 results: EPS: Col$388 (up from Col$228 in 3Q 2023). Revenue: Col$87.1b (up 16% from 3Q 2023). Net income: Col$23.5b (up 70% from 3Q 2023). Profit margin: 27% (up from 18% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: Col$90.8b (up 24% from 2Q 2023). Net income: Col$26.4b (up 72% from 2Q 2023). Profit margin: 29% (up from 21% in 2Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: Col$380 (vs Col$234 in 1Q 2023) First quarter 2024 results: EPS: Col$380 (up from Col$234 in 1Q 2023). Revenue: Col$85.1b (up 14% from 1Q 2023). Net income: Col$23.0b (up 63% from 1Q 2023). Profit margin: 27% (up from 19% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 25
Full year 2023 earnings released Full year 2023 results: Revenue: Col$304.1b (up 21% from FY 2022). Net income: Col$57.4b (up 137% from FY 2022). Profit margin: 19% (up from 9.6% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Dec 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Colombian stocks, typically moving 6.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.3% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 154% Cash payout ratio: 269% Earnings have declined by 15% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Upcoming Dividend • Apr 17
Upcoming dividend of Col$873 per share at 8.9% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 28 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.9%. Lower than top quartile of Colombian dividend payers (13%). Higher than average of industry peers (5.8%). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to Col$9,600, the stock trades at a trailing P/E ratio of 13.3x. Average forward P/E is 14x in the Capital Markets industry in South America. Total returns to shareholders of 41% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Col$65.1b (up 24% from 3Q 2021). Net income: Col$10.1b (down 13% from 3Q 2021). Profit margin: 16% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 13% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Non Independent Director Carlos Alberto Rodríguez López was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 16
Upcoming dividend of Col$294 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 30 June 2022. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Lower than top quartile of Colombian dividend payers (11%). In line with average of industry peers (6.8%). Price Target Changed • Apr 27
Price target decreased to Col$11,300 Down from Col$14,000, the current price target is provided by 1 analyst. New target price is 23% above last closing price of Col$9,150. Stock is down 26% over the past year. The company posted earnings per share of Col$658 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Non Independent Director Carlos Alberto Rodríguez López was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 18
Upcoming dividend of Col$294 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 29 April 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of Colombian dividend payers (9.9%). Higher than average of industry peers (6.1%). Reported Earnings • Nov 17
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: Col$53.5b (down 39% from 3Q 2020). Net income: Col$11.6b (down 17% from 3Q 2020). Profit margin: 22% (up from 16% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS Col$158 (vs Col$159 in 2Q 2020) The company reported a mediocre second quarter result with weaker revenues, although earnings were flat and profit margins improved. Second quarter 2021 results: Revenue: Col$50.2b (down 36% from 2Q 2020). Net income: Col$9.54b (flat on 2Q 2020). Profit margin: 19% (up from 12% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 17
Upcoming dividend of Col$579 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 30 August 2021. Trailing yield: 4.4%. Lower than top quartile of Colombian dividend payers (6.7%). Higher than average of industry peers (3.1%). Upcoming Dividend • Apr 19
Upcoming dividend of Col$579 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 30 April 2021. Trailing yield: 6.1%. Lower than top quartile of Colombian dividend payers (8.1%). Higher than average of industry peers (2.2%). Announcement • Feb 23
Bolsa de Valores de Colombia S.A., Annual General Meeting, Mar 26, 2021 Bolsa de Valores de Colombia S.A., Annual General Meeting, Mar 26, 2021, at 18:30 Indian Standard Time. Agenda: To consider quorum verification; to consider president and secretary of the assembly designation; to consider reading and consideration of the agenda; to consider designation of the commission in charge of approving the minute; to consider approval of the annual management report; to consider external auditor's report; to consider approval of the financial statement of year 2020; to consider study and approval of the reserves stockpiling and profits distribution proposal; to consider approval of statutory reform; to consider election of independent members of the board of directors for the statutory period(2021-2023); to consider election of Non-Independent members of the board of directors for the statutory period(2021-2023) and to consider election of external auditors. Is New 90 Day High Low • Jan 07
New 90-day high: Col$11,940 The company is up 10.0% from its price of Col$10,900 on 08 October 2020. The Colombian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 19
New 90-day high: Col$11,590 The company is up 3.0% from its price of Col$11,300 on 18 September 2020. The Colombian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 31
New 90-day low: Col$10,200 The company is down 7.0% from its price of Col$11,000 on 31 July 2020. The Colombian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 17% over the same period. 
